Sony/ATV, a joint venture between Sony Corp (6758.T: Quote, Profile, Research) and pop star Michael Jackson, expects more music catalogues to be put up for sale this year as people look to cash in profits in a slowing economy, said CEO Martin Bandier in a telephone interview.
"To the extent that large acquisitions become available, Sony/ATV is in a particularly good place," he said. "It's hard to overpay for a great Picasso...if you're buying quality music that will last for generations. Great songs are a rarity."
Michael P. Schulhof, president and CEO, Sony Corporation of America, said: "Michael Jackson is not only the most successful entertainer in history; he is also an astute businessman. Michael understands the importance of copyrights and the role they play in the introduction of new technologies. In joining us for this new venture, Michael recognizes Sony's leadership in developing and realizing new technologies that serve to expand the creative horizons of artists such as himself.
He added, "To have Michael Jack son's song catalogues joined with ours will enable both Sony Music and Michael Jackson to aggressively build on a publishing portfolio filled with songs that are acknowledged as the cornerstones of popular music today."